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Coronavirus and the stock market drop has hit wallets hard, 401(k)


Not dwelling on the gruesome losses on Wall Street. Not looking at your 401(k) every other minute.

The old adages grew much harder to follow in March as we watched the Dow plunge by more than 30% from the records set just a month ago.

The pocketbook realities realties of COVID-19 have hit us everywhere from our workplaces to our 401(k) plans. 

One reader in West Bloomfield, Michigan emailed me confidentially: “I’m not selling, buying or checking my account. Not much I can do to change what happens now.” 

We’re looking at loss all around us. Loss of savings. Loss of jobs. Loss of lives.

So, maybe, not looking at your 401(k) could be the best personal care move that you can make as we adjust to the drastically altered new normal.  

Jane McNamara closed the doors on her Jazzercise studio in Royal Oak temporarily at noon Monday as part of statewide shutdown through March 30. The emotion of the moment led her to snap a photo of herself at the door."

Jane McNamara closed the doors on her Michigan Jazzercise studio temporarily at noon Monday. The emotion of the moment led her to snap a photo of herself at the door with the bright yellow dot saying “Facility Closed.” 

“I’m walking away from something that I never thought I would have to shut down,” she said Tuesday in a phone interview.



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